Gold is in the midst of something of a renaissance. With uncertainty about the future direction of the global economy, fears about what Britain's Brexit vote means for Europe, and serious geopolitical troubles worldwide, the asset that has been used as a haven for thousands of years is back in fashion.
Gold's price has increased by more than 25% so far in 2016, and in July, analysts from UBS argued that the metal has entered a so-called "new phase."
UBS said that the UK's vote to leave the EU has reinforced the risks facing the global economy, boosted uncertainty, and helped to crystallise worries about the effectiveness of unconventional monetary policies like negative interest rates. All of this combines to create an environment where gold is a hugely attractive investment and is right at the forefront of the global markets.
With that in mind, Business Insider decided to take a look at the countries around the world where the most gold is held in reserve by governments and central banks, using the latest data from the World Gold Council.
Check out the list below:
17. Spain
Official gold holdings: 281.6 tonnes
% of foreign reserves in gold: 19.8
Cash value: $14 billion
16. Lebanon
Official gold holdings: 286.8 tonnes
% of foreign reserves in gold: 24
Cash value: $14.3 billion
15. United Kingdom
Official gold holdings: 310.3 tonnes
% of foreign reserves in gold: 9.3
Cash value: $15.4 billion
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